Montana Mortgage Broker, Lender, Servicer Surety Bonds
Mortgage Brokers, Lenders, Servicers and Mortgage Broker Independent Contractor Entities in Montana are required to apply for a license by the Montana Department of Administration (DOA), Division of Banking and Financial Institutions through the National Mortgage Licensing System (NMLS) and file a Montana Mortgage Broker Surety Bond as a condition of licensure. The bond ensures compliance of state laws and ethical mortgaging business practices.
Surety Bond Requirements:
Obtain a surety bond from a surety company that is authorized to do business in Montana. SuretyGroup.com is licensed to write all surety bonds in Montana and fulfills that requirement.Mortgage brokers and lenders bond amounts are based on the total volume of loans produced on an annual basis:Start up business with no prior history = $25,000 Surety BondTotal loan volume of $50 million and under per year = $25,000 Surety BondTotal loan volume of $50 million to $100 million per year = $50,000 Surety BondTotal loan volume of more than $100 million per year = $100,000 Surety BondMortgage Servicers are required to obtain a $100,000 surety bond.The surety bond must be renewed annually and must be in effect during all license periods.
- Complete the mortgage broker application and pay the license, NMLS processing, credit report and FBI criminal background check fees.
- Applicants, direct owners and indirect owners with at least a 10% interest in the company and executive officers are required to authorize a FBI criminal background check.
- Provide the following: a business plan, management chart, organizational chart, and a Certificate of Authority or Good Standing Certificate (which ever is applicable).
- Applicants that will be using a trade name or dba must register with the Montana Secretary of State and obtain a Certificate of Registration of Assumed Business Name.
- Mortgage brokers must sponsor at least one mortgage originator for licensure.
- Obtain a surety bond based on the annual loan volume. The surety bond will be uploaded electronically into the NMLS ESB system by the surety company the bond is purchased through.
- If any of the disclosure statements were answered "yes," provide an explanation for each and any backup documentation to support the explanation.
- Provide a copy of the business formation documents if the business is a limited liability company or corporation, or partnership.
- Licenses expire December 31 each year.
How Much Will This Bond Cost?
The premium that you pay for a Montana Mortgage Broker, Lender or Servicer Surety Bond is dependent on credit and the bond amount required. Bond amounts over $50,000 require business and personal financial statements. Our Surety Bond Specialists can give you a free quote that fits your specific situation.
Related Links:Montana Mortgage Broker, Lender, Servicer InformationMontana NMLS Mortgage Broker License InformationMontana NMLS Mortgage Lender License InformationMontana NMLS Mortgage Servicer License Information
More Surety Bond Questions?
Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.
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